Time and Levels analysis on Bitcoin
Updated
This follows on from my previous idea. The price has hit on my wedge perfectly and doesn't seem to be able to close above it. Closing above the upper trend was my criteria for breaking the trend, currently that isn't occuring.
Look to the red lines on the chart to show my prediction for the next couple of weeks - as I mentioned on the weekly chart I'm expecting bullish until S2x fork - this seems to fall at a convenient level around my trend line around $8000. I think we will see a long wick here and the candle body remaining under the trend line around the 15th/16th November. I then think we'll see a sell off and a break downwards out of the rising wedge. A less likely alternative is going to hit the bottom of the wedge and going back once more before crashing out of it.
Look to buy in the red zones upon confirmed reversals for best entry points, or at the bottom trendline.
Look to the red lines on the chart to show my prediction for the next couple of weeks - as I mentioned on the weekly chart I'm expecting bullish until S2x fork - this seems to fall at a convenient level around my trend line around $8000. I think we will see a long wick here and the candle body remaining under the trend line around the 15th/16th November. I then think we'll see a sell off and a break downwards out of the rising wedge. A less likely alternative is going to hit the bottom of the wedge and going back once more before crashing out of it.
Look to buy in the red zones upon confirmed reversals for best entry points, or at the bottom trendline.
Note
Note
Segwit 2x was cancelled so idea is invalid. I expect BTC to test the bottom of the wedgeNote
Trend is holding, still valid
Note
It also tested the bottom of the wedge as I said in my previous update
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